Abstract

The International Reporting Template (IRT) is a document that draws on the best of the CRIRSCO-style reporting standards, the JORC Code (Australasia), SAMREC Code (South Africa), Reporting Code (UK / Western Europe), CIM Guidelines (Canada), SME Guide (USA) and Certification Code (Chile). These reporting standards are recognised and adopted world-wide for market-related reporting and financial investment.

The IRT is not intended as an international reporting code per se, and will not supersede the existing national reporting standards. Rather it is a guideline that encapsulates the content of these standards for the benefit of the international mining industry and its various stakeholders. It will be a ‘living document’ that will be continuously updated and improved as new national codes and guidelines are developed.

The IRT will be of great value to any country wishing to develop its own CRIRSCO-type reporting standard. To make best use of the IRT and of CRIRSCO’s extensive collective experience in the development of resource / reserve reporting standards, prospective users are provided with the following advice:

The IRT provides definitions, guidelines, concepts, and criteria. While these are essential, they are only part of what is required to implement an effective reporting regime. Of equal, if not more, importance is the composition of the body that develops the reporting standard, the extent to which it consults with all stakeholders, the commitment of the national professional and mining organisations, and the close involvement of the national regulatory authorities.

Experience of developing reporting standards in a number of countries indicates that a successful CRIRSCO-style standard is not something that is created by a government, semi-government agencies or market regulators and then imposed on the mining industry. Its success depends very heavily on the broad membership of the committee that draws up the standard and on an extensive consultative process that enables all stakeholders to have input into its development. Time is not of the essence in this process - in most countries with CRIRSCO-type reporting standards, the initial development has taken years. If the development and consultative process is rushed, the end result will most likely be flawed and possible fail.

In addition to the broad membership of the committee itself, it is essential that national professional and mining bodies give the reporting standard their full support and that national regulatory authorities endorse or mandate the standard as a requirement for public reporting.

This first public issue of the IRT is dedicated to Mr Norman Miskelly OA, who led CRIRSCO enthusiastically and energetically from its inception until his untimely death in 2005. Norman, a man of great personal charm and integrity, dedicated a large part of his life to improving the standards of reporting by the mining industry, firstly within Australia (for which he was awarded the Order of Australia Medal in 2002) and later on the international stage. He was highly regarded by all his friends and colleagues and, while he is sadly missed, his legacy will live on.